A recent study from the popular site WalletHub ranks the State of Texas 9th on their list of top economies in the United States. Above the Lone Star State are mostly blue states such as Washington, Utah, Massachusetts, Colorado, and California.
But, is Texas really that far behind those states economically? Economist Vance Ginn says no, not by a long shot.
"The statistical weights that WalletHub puts on those categories, from what I have seen in their methodology, it makes their study more biased toward states like California," he says. "You look at the Gross Domestic Product for a second, a pretty high weight on Wallet Hub...yes, California has the highest GDP in the nation, but they also have the most people."
He says the more important numbers are the per capita, and the cost of living. Those give you more accurate results, and it also shows that Texas is head and shoulders above those other states.
"Things like no state income tax, the cost of living...these matter. These are things that are driving people, and businesses, away from places like California to move to Texas," he says. "That is why these numbers that show California is a better place overall...they do not match reality."
Of course, the ever-growing Texas is in a growth competition with the likes of other states such as Florida and Tennessee. Both of them in recent years have push through property tax relief legislation throuhg their governments.
That is one thing missing in Texas, but it is the center of hot debate in Austin this summer. The current bill in the state senate that would provide the biggest tax relief in state history, which will make or break Texas in the 'most desirable state' competition.
"We cannot just sit on our hands and think we will continue being the place everyone wants to move, as this bastion of hope and prosperity," he says. "We need to make sure we get massive property tax relief now."
The budget for property tax relief in Austin is ongoing in the current special session, but is opposed by Lieutenant Governor Dan Patrick, whose budget proposal wants to lower the homestead exemption instead.
On WalletHub's list, Texas ranked 5th in GDP, 1st in Exports, and 12th in Startup Activity, among numerous other categories.